Home hunters who are looking outside the city limits to get more bang for their buck are going to have to look beyond the 905, according to the latest data released last week by the Toronto Real Estate Board (TREB).
According to September data, the average price of detached homes in the GTA has now surpassed the $1-million mark for the first time. While Torontonians have become accustomed to the seven-figure price tags since first making headlines in February of last year, this is a new record for the GTA region as a whole.
Detached homes in the GTA – which includes Toronto and the 905 – averaged an unprecedented $1,013,788 in September, up 23.6 per cent over September 2015. In fact, all housing types saw price gains with semis up 18.8 per cent to $699,968, townhomes up 21.8 per cent to $569,343, and condos up 9.3 per cent to $422,002.
September sales keep pace with price tags
GTA realtors reported 9,902 sales in September throughout the 416 and 905 regions – up 21.5 per cent year-over-year. Almost all housing types across the GTA saw an increase in sales with the exception of Toronto’s semi-detached segment, which dipped 3.5 per cent year-over-year, attributed by the Board to a dip in new listings.
“We continued to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area in September,” says TREB president Larry Cerqua. “The sustained lack of inventory in many neighbourhoods across the GTA continued to underpin high rates of price growth for all home types.”
The average price of a home in the GTA was $755,755 in September.
The average price for a detached home in Toronto was up 23 per cent, to $1.29 million. Meanwhile, the average price of a detached home in the 905 rose 26.6 per cent to $928,414.
Condos in Toronto rose by just 6.5 per cent to $446,729. Hot on their heels, condos in the 905 area reached $367,260, up 19.4 per cent year-over-year.